Vesting order requirement: failure to elect leads to exclusion from lease interest; election allows vesting subject to liabilities. Court-directed procedure requiring a respondent to elect whether to apply for a vesting order of a company's lease within a limited period after service; failure to apply results in exclusion from all interest and security in the premises. If the respondent applies, the court may order the company's leasehold interest to vest in that respondent for the residue of the term, subject to the same liabilities and obligations that bound the company at the commencement of the winding-up (or as if assigned on that date).